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View this email in your browser Changes Coming to Roof Coverage A crisis has been brewing the last few years regarding claim payments to homeowners for roof damage. Frivolous lawsuits, filed by trial attorneys, on roof claims have cause several homeowner insurance companies in Florida to become insolvent. Other companies have increased rates 10% to 45%. Significant changes to the HO-3 Homeowner Coverage Form are coming soon. Traditionally, roofs have been insured at replacement cost. If you sustained damage to your roof from windstorm, hail, tree branch, or hurricane, your homeowner insurance company would either repair the damaged part of the roof or replace the entire roof. Because of the roof fraud crisis, this kind of replacement cost coverage on your roof may soon be unavailable. Instead, roofs will be insured at depreciated value, similar to how car tires and other consumables are insured. For example, if you sustained hail damage to an older worn roof, you might only recover $3,000 instead of $12,000 for a claim. This is the difference between replacement cost coverage and depreciated value coverage. There is something you can do. By supporting Senate Bill 76 and House Bill 305 you can help stabilize the marketplace by reigning in attorneys fees and limiting frivolous lawsuits. Sign the citizen petition here. If you need more information, you are always welcome to call us or learn more at FLTortReform.com. Copyright © 2021 The Wheeler Agency, All rights reserved. You are receiving this message because you have provided your email to us at some point in time. We send newsletters several times each year and special editions on occasion. Our mailing address is: The Wheeler Agency 622 South West Main Blvd LakeCity, FL 32025-5708 Add us to your address book
View this email in your browser
A crisis has been brewing the last few years regarding claim payments to homeowners for roof damage. Frivolous lawsuits, filed by trial attorneys, on roof claims have cause several homeowner insurance companies in Florida to become insolvent. Other companies have increased rates 10% to 45%. Significant changes to the HO-3 Homeowner Coverage Form are coming soon. Traditionally, roofs have been insured at replacement cost. If you sustained damage to your roof from windstorm, hail, tree branch, or hurricane, your homeowner insurance company would either repair the damaged part of the roof or replace the entire roof. Because of the roof fraud crisis, this kind of replacement cost coverage on your roof may soon be unavailable. Instead, roofs will be insured at depreciated value, similar to how car tires and other consumables are insured. For example, if you sustained hail damage to an older worn roof, you might only recover $3,000 instead of $12,000 for a claim. This is the difference between replacement cost coverage and depreciated value coverage. There is something you can do. By supporting Senate Bill 76 and House Bill 305 you can help stabilize the marketplace by reigning in attorneys fees and limiting frivolous lawsuits. Sign the citizen petition here. If you need more information, you are always welcome to call us or learn more at FLTortReform.com.
Copyright © 2021 The Wheeler Agency, All rights reserved. You are receiving this message because you have provided your email to us at some point in time. We send newsletters several times each year and special editions on occasion. Our mailing address is:
The Wheeler Agency
622 South West Main Blvd
LakeCity, FL 32025-5708
Add us to your address book